Purchased a car outright during PCP period - what constitutes proof that I own it?

Caporegime
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Warwickshire
Hi

Bought my E-Class from Mercedes Finance outright as it became clear that the balloon payment was a bargain relative to the used market prices.

Incidentally they're not offering sunroofs, music systems, etc. on new ones at the moment so buying ours was a no brainer...

Anyway Merc sent me an email saying:

We have received the full settlement amount and your agreement has now been settled.

We’ve attached a confirmation letter to this email for your records


Does this constitute legal proof that I now own the car and can do what I like with it? Or do I need another specific document for that?

Thanks.
 
Commissario
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The V5 is the proof of ownership, Mercedes are just saying that they have no interest in the vehicle any more - i.e the finance is settled
 
Caporegime
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Leafy Cheshire
Apart from that it literally says on the front of a V5 in massive capital letters that's it's not a proof of ownership.
Exactly. A headed letter showing that the finance company have no interest, accompanied with the bill of sale/receipts from when the car was originally purchased is enough proof.

The receipt shows you purchased (with the assistance of the finance company), and the finance company letter show that you have paid them back, combined they show you own that particular vehicle outright.
 
Soldato
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If you're really conserned you could do an HPI check to make sure the vehicle isn't shown as having finance on it. This is what a dealer would do to cover their back if you were trading it in.

But really the letter is enough.
 
Soldato
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Proof of ownership of anything is entirely based on what evidence you have and how much you can convince someone. So receipt normally is enough or even proof of the payment plus some communication.

In this case, the payments you have been making regularly plus this lump sum combined with the original contract is proof. This letter obviously helps but you don't need it. You have evidence you have have fulfilled the contract and so the vehicle is yours.

When I was buying my first car (talking £2500 a long time ago), many dealers would let me just drive off with the promise that I will pay (bank transfer and this was before FPS). They preferred not to take cash. If I don't pay they will report it stolen. If I had proof I paid, reporting it stolen would result in nothing.
 
Sgarrista
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We have received the full settlement amount and your agreement has now been settled.

We’ve attached a confirmation letter to this email for your records


Does this constitute legal proof that I now own the car and can do what I like with it? Or do I need another specific document for that?

Thanks.

Yup. Thats it. Cars all yours.

It might just take a few days for the credit records to update to show it as settled on HPI.
 
Associate
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The V5 is the proof of ownership, Mercedes are just saying that they have no interest in the vehicle any more - i.e the finance is settled

According to the bailiff program "Can't pay we'll take it away" a V5 is not a proof of ownership of a motor vehicle, something I wasn't aware of prior to watching it, also confirmed by Police here.
 
Soldato
Joined
26 Dec 2011
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City of London
According to the bailiff program "Can't pay we'll take it away" a V5 is not a proof of ownership of a motor vehicle, something I wasn't aware of prior to watching it, also confirmed by Police here.
As I mentioned earlier, it's on the front of the V5 in massive capital letters that it's not a proof of ownership. ;)
 
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